Tag: corporate taxation

Corporate Tax & the Case for an Increase

In the world of tax, including corporate tax, change is a foundational concept. We see it constantly . The Tax Cuts and Jobs Act of 2017 was no exception. Deductions which were formerly available are suddenly unavailable. Individual brackets which seemed perfectly stable are modified. Loopholes, at least some of them, close as the Internal Revenue Service […]

C Corporations or S Corporations?

As we’ve previously discussed in these blog post, entity selection is a very important matter, one which requires a careful analysis of all relevant facts and circumstances. Choosing an entity that isn’t ideal for a situation can have negative financial consequences, so it’s imperative that the best entity be chosen. In this blog post, our New York City tax […]

Stock Purchases Treated as Asset Acquisitions

In the past, we’ve covered complex business transactions. We learned how they may obtain optimal tax treatment by utilizing particular sections of the tax code. We’ve discussed the numerous variations of tax-deferred reorganizations under Section 368, for instance, as well as the tax-deferred exchange of property under Section 1031. Both of these sections can generate huge benefits for businesses […]

Dividends and Distributions

As dedicated tax and business attorneys here at Mackay, Caswell & Callahan, we know that it’s important that we gain and maintain a firm command over certain financial concepts. Doing so allows us to best serve our clients. In many cases, this isn’t an easy task. That’s because many concepts in tax, business and finance are […]

The New York Corporate Tax Structure

If there’s one word which best describes the New York corporate tax structure, that word would have to be “layered.” We’ve actually used that word plenty of times before, when discussing the sales tax system in New York, for instance. And this is for good reason: throughout our nation, and particularly within the complex tax system of New York […]

Various Section 368 Reorganizations

In our previous post on corporate reorganizations under IRC Section 368, we mentioned that corporations can select between several variations of Sec. 368 reorganizations. Whether a corporation elects one variation over another depends on the specific circumstances involved. There can be many reasons as to why one variation may be more advantageous in a given situation, and an optimal decision requires a […]

Sec. 368 Reorganization Taxation

Internal Revenue Code (IRC) Section 368 allows merger and acquisition transactions to qualify as a reorganization when an acquiring corporation gives a substantial amount of its own stock as consideration to the acquired (or “target”) corporation. Section 368 has several conditions which must be satisfied in order for a transaction to qualify as a “reorganization;” just as with partial […]

What If Employers Don’t Withhold Payroll Taxes?

As an employer, you have a legal responsibility to withhold payroll taxes and pay those taxes to the IRS when due. Even if you use a payroll service, you still have a responsibility to see that this is done. If you do not withhold payroll taxes and pay them correctly and in a timely manner, […]

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